Azerbaijan and the European Bank for Reconstruction and Development (EBRD) discussed the current partnership status, joint projects, and promising cooperation areas, Trend reports citing the Azerbaijani Ministry of Economy.
The discussions took place during the meeting between Deputy Economy Minister of Azerbaijan Sahib Mammadov and EBRD Vice President for Policy and Partnerships Mark Bowman.
Mammadov stressed that Azerbaijan attaches great importance to the development of relations with the bank. He also outlined that the EBRD is a reliable partner that provides long-term and sustainable support for the country's economic development.
Furthermore, the official shared updates on steps to diversify the Azerbaijani economy, develop the non-oil sector, stimulate investment, and further improve the business environment.
In the meantime, Bowman noted the bank's fruitful cooperation with Azerbaijan, as well as support for economic reforms carried out in the country.
It has previously been reported that EBRD Vice President for Policy and Partnerships Mark Bowman and Managing Director for Eastern Europe and the Caucasus (EEC) Matteo Patrone will visit Azerbaijan. The visit of EBRD officials was scheduled for January 16-19, 2023.
As of December 1, 2022, the EBRD loan portfolio in Azerbaijan was estimated at 836 million euros for the implementation of 33 projects. A total of 89 percent (748 million euros) of the portfolio targets investing in sustainable infrastructure projects, seven percent (58 million euros) – in industry, trade, and agriculture, and four percent (30 million euros) – in financial institutions, the EBRD said.
In total, the bank has invested over 3.656 billion euros in Azerbaijan on 185 projects.
